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Business News of Sunday, 5 May 2024

Source: punchng.com

Fallout of Petrol Scarcity: Prices of pepper, foodstuff rise

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Nigerians are faced with what could be best described as a double whammy of fuel scarcity and poor electricity supply that left them frustrated and angry as they struggled to go about their daily lives.

From Lagos to Sokoto, Borno to Enugu and Abuja to Cross River, the story was the same – it was a harrowing experience for Nigerians across the length and breadth of the country as long queues resurfaced in filling stations, following scarcity of Premium Motor Spirit, PMS, otherwise known as petrol.

Commercial and vehicular activities were grounded as nationwide fuel scarcity took its toll on economic activities in the country. Travellers and commuters were left stranded at bus stops and motor parks because commercial motorists were unable to operate as long queues of vehicles formed at filling stations in different locations in a desperate bid to purchase fuel.

Many stations in Lagos did not open for business as petrol was being sold for as high as N900 per litre from the former price of N600 or thereabouts.

In Sokoto, some filling stations sold the product for as high as N1, 500 per litre while black marketers sell between N2, 000 and N3, 000 per litre.

Findings by Vanguard indicate that many motorists and other users were compelled by circumstances to patronise black market operators who were selling in jerry cans.

The development saw transporters increase fares by 100 per cent to cover the high cost of petrol.
For instance, in Lagos, commuters paid N2, 000 from Mile 12 to Mile 2, a distance that used to cost them N1, 000, while others paid N1, 000 from CMS to Mile 2, which previously cost about N500.

There were also indications that the scarcity may have led to a hike in the prices of foodstuff, especially pepper.

A Lagos resident, Adedeji Abiodun, put it this way: “It will also interest you to know that the scarcity of petrol not only affects transportation, foodstuff prices have also skyrocketed, especially pepper.

“In the last week, sellers have been complaining about the hike in the cost of transporting their goods.

“My experience in this weird week due to scarcity of petrol and power outage has been terrible.

“Transportation fares doubled because fuel scarcity made most drivers park their buses.

“And for the few drivers that were able to get PMS, they increased fares. However, I had no choice but to board their vehicles because I had to get to work. In just three days, I spent my two weeks transport fare.

“As regards electricity, we hardly have four hours of light in a day in my area. Most people now depend on fuel for domestic use and businesses.

“Yet, what amazes me is how we are paying bills as if we are in band A or B. This saddens my heart.”

A former Commissioner in Sokoto State, who was seen grappling to have a gallon of petrol for his car, blamed petroleum marketers in the state for the chaos.

“I am 74 years old but throughout my entire life, I have never witnessed this kind of fuel scarcity”, he said.

“Many people believe the situation was worsened because marketers were allegedly hoarding the product to create artificial scarcity and tension in the state.

“Government should wake up from slumber and deal with the situation even if it warrants revocating their C of Os to save the state from the shackles of the greed of few individuals.”